In the world of insurance, commercial insurance ranks as some of the most intricate and complicated. Once you finally get it completed, you have annual renewals and audits to accompany them, which can throw your company into disarray. Moreover, premium insurance auditing is pivotal in determining how much the insurance is going to be for the coming year, putting even more pressure on these business owners. So, what kind of documents can you expect to provide for these audits?

Primarily, insurance companies want to see the income a business generates. This means that both federal and state tax records help find gross sales, corporate returns, and income statements. Then, they are interested in liabilities, which are expressed in a few ways. They want to see the amount spent on employees and subcontractors, which can be shown via payroll and cash receipts. Lastly, they might want to see what other insurance you have to get an idea of how much they might have to cover. This means you’ll have to present certificates of insurance for general liability, workers’ comp, and the accompanying limits of coverage..

Fortunately, to simplify this process, some companies help with compiling all this documentation for you and serve as a primary contact for your insurance auditor. On top of that, they even analyze to see if your business is eligible for any deductions or exemptions to get the best rate on your insurance.